Euroyen is a major currency pair. The euro is the second most traded currency in the world and the yen is stable. Ideal as a combination. It has similar characteristics to USD / JPY, but it is a currency pair that is highly recommended for trend followers because it is relatively easy to trend compared to USD / JPY. However, scalping and day trading are also recommended currency pairs. Like USD / JPY, it suits various trading styles. Another feature is that there are few irregular movements.
It is a currency pair that can be recommended for Forex beginners to advanced users. The Euroyen does not move irregularly and erratically, so it is very gentle for beginners. However, the price movement is a little larger than USD / JPY. The euro tends to fluctuate more than the US dollar.
Matches all strategies of scalping, day trading and trend following. It is highly recommended for trend followers because it is easier to get trends than USD / JPY and it is easier to take a price range.
Recommended trading time
Since the Japanese yen moves in Asian time and the euro moves in European time, there are price movements 24 hours a day. Japan time is relatively quiet, but it tends to be the same as USD / JPY.
Economic indicators to watch out for
As an economic indicator, the economic indicators on the Japanese side are at a level where you do not have to worry too much. Even if it moves, is it about the Bank of Japan’s policy interest rate, GDP, and unemployment rate?
The euro economic indicator is more influential and is a level that moves the market significantly, so let’s take a closer look. The euro is the second largest currency after the US dollar and is very influential. In addition to the euro indicator, it is also affected by economic indicators such as Germany, France, Italy and Spain, so you need to be careful about many indicators. The euro is not only representative of one country, but also the co-currency of the European Union. It depends on the situation of various member countries.
When Japanese Yen is bought
Japan is also said to be a country whose nationality cannot change. Since it is such a country, it often fluctuates for external reasons rather than the influence of economic indicators. The timing of yen buying is very advanced when the world situation becomes unstable such as infectious diseases, financial shocks, and wars.
When the euro moves
The euro is the common currency of the European Union. Therefore, there are many things to see because they are influenced by many European nations. Of particular note is Germany. It has the greatest power and influence in the European Union, so it has a huge impact on the market.